SHREE CEMENT LIMITED,BEAWAR vs. NATIONAL FACELESS ASSESSMENT CENTRE, DELHI

In the result, the appeal of the Revenue in ITA No

Bench: or at the time of hearing of this appeal.

Section 80IA(8), the word "OR" is missing in provisions of Section 80A(6) of the ACIT vs. Shree Cement Ltd. Act. It is noted that as per provisions of Section 80A(6), if any goods or services whether sold or acquired falls within the category specified domestic transactions of Section 92BA then in such case it is mandatory

SHREE CEMENT LIMITED,BEAWAR vs. DEPUTY COMMISSIONER OF INCOME TAX, AJMER

In the result, this appeal of the assessee is partly allowed and appeal of the Revenue is dismissed

Bench: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

section 143(3) of the Act on 23.02.2018 by making various disallowances/additions to the returned income of the assessee as under :- - Reduction in claim u/s 80IA on power undertakings on account of transfer pricing adjustment of power (Rs. 2,89,07,63,321/-, - Reduction in claim u/s 80IA on Solid Waste Management System on account of transfer pricing adjustment

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD, KOTA

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

239/- Total Rs. 8, 29, 75,428/- Therefore, it is held that the assessee has utilized borrowed funds for making the above-mentioned investments in its group companies and no commercial expediency was involved in making these investments. Accordingly, disallowance of Rs. 8, 29, 75,428/- is made out of interest paid on borrowed funds. k). as mentioned in para

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD., KOTA

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

239/- Total Rs. 8, 29, 75,428/- Therefore, it is held that the assessee has utilized borrowed funds for making the above-mentioned investments in its group companies and no commercial expediency was involved in making these investments. Accordingly, disallowance of Rs. 8, 29, 75,428/- is made out of interest paid on borrowed funds. k). as mentioned in para

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD, KOTA

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

239/- Total Rs. 8, 29, 75,428/- Therefore, it is held that the assessee has utilized borrowed funds for making the above-mentioned investments in its group companies and no commercial expediency was involved in making these investments. Accordingly, disallowance of Rs. 8, 29, 75,428/- is made out of interest paid on borrowed funds. k). as mentioned in para

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD., KOTA

239/-\nRs.8, 29, 75,428/-\nTherefore, it is held that the assessee has utilized borrowed funds for making the\nabove-mentioned investments in its group companies and no commercial\nexpediency was involved in making these investments. Accordingly, disallowance\nof Rs.8, 29, 75,428/- is made out of interest paid on borrowed funds.\nk). as mentioned in para 5 above

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD, KOTA

239/-\nRs.8, 29, 75,428/-\nTherefore, it is held that the assessee has utilized borrowed funds for making the\nabove-mentioned investments in its group companies and no commercial\nexpediency was involved in making these investments. Accordingly, disallowance\nof Rs.8, 29, 75,428/- is made out of interest paid on borrowed funds.\nk). as mentioned in para 5 above

UTTAM BHARAT ELECTRICALS PVT. LTD.,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-4, JAIPUR

In the result, appeal of the assessee is allowed

Transfer Pricing Study Analysis and claimed that as per the Internal CUP of payment of interest to the unrelated parties, the assessee is paying average interest and brokerage amounting to 15.36%. The assessee claimed that the Specified Domestic Transaction interest to the related parties at 15% is at Arm’s Length. The TPO has proceeded to adopt External

SHREE CEMENT LIMITED,BEAWAR vs. PR.CIT, , UDAIPUR

In the result, the appeal of the assessee is allowed

Bench: Shri Sandeep Gosain, Jm & Shri Vikram Singh Yadav, Am Vk;Dj Vihy La-@Ita No. 04/Jp/2021 Assessment Year: 2014-15 Shree Cement Limited, Cuke Pr.Cit, Vs. Bangur Nagar, Post Box No. 33, Udaipur. Beawar. Pan No.: Aaccs 8796 G Vihykfkhz@Appellant Izr;Fkhz@Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By: Shri Dilip Desai (Ca) Shri Vijay Shah (Ca) Shri Mohit Choudhary (Ca) Jktlo Dh Vksj Ls@ Revenue By : Shri B.K. Gupta (Cit-Dr) Lquokbz Dh Rkjh[K@ Date Of Hearing : 01/04/2021 Mn?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 23/06/2021 Vkns'K@ Order Per: Sandeep Gosain, J.M. The Present Appeal Has Been Filed By The Assessee Against The Order Of Ld. Pcit, Udaipur Dated 03.02.2021 Passed U/S 263 Of The Income Tax Act, 1961 (In Short The Act) For The Assessment Year 2014-15. The Grounds Of Appeal Taken By The Assessee Are As Under: “1. That On The Facts & In The Circumstances Of The Case, The Learned Principal Commissioner Of Income Tax – Udaipur, (Here- In- After Referred To As Ld. Pr. Cit) Was Not Justified In Initiating Proceedings U/S 263 Of The Income Tax Act, 1961 Since The Order Passed By The Assessing Officer (A.O.) Was Neither Erroneous Nor Prejudicial To The Interest Of The Revenue.

section 263 by the Commissioner proper and valid. [Para 16] (c) In the case of Jeevan Investment & Finance (P.) ltd. Vs CIT [2017] 88 taxmann.com 552 (Bombay], it has been held by the Hon'ble High Court that: " ..... merely asking a question which goes to the root of the matter and not carrying it further is a case

ITO, WARD-1, BHARATPUR vs. SHRI MADAN LAL SHARMA, JAIPUR

In the result, appeal filed by the revenue is allowed statistically and

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

price. However, the appellant has submitted that no actual sale/purchase had taken place as the matter failed to resolve before the Hon'ble Rajasthan High Court and hence the agreement to sell and purchase was cancelled. Since no actual sale/purchase had taken place therefore there is no question of any incidence of capital gain. The matter was remanded

SHRI MADAN LAL SHARMA,JAIPUR vs. ITO, WARD-1, , BHARATPUR

In the result, appeal filed by the revenue is allowed statistically and

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

price. However, the appellant has submitted that no actual sale/purchase had taken place as the matter failed to resolve before the Hon'ble Rajasthan High Court and hence the agreement to sell and purchase was cancelled. Since no actual sale/purchase had taken place therefore there is no question of any incidence of capital gain. The matter was remanded

ASSTT. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2, JAIPUR vs. SHRI CHANDRA SURANA, JAIPUR

In the result, the appeal of the Revenue is dismissed

Bench: Auditor. Any Stock Register Whatsoever Was Not Furnished During The Course Of Assessment Proceedings To Verify The Quantitative Sale Made During The Year Whether The Item Shown By The Assessee As Sold Was Actually In Stock Of The Assessee Or Not & Quantity & Value Of The Sale Shown Remains Unverified. 3. The Ld. Cit(A) Has Erred In Law & On Facts By Ignoring The Vital Fact.

239) wherein it was held that "In the facts of above case, cash of Rs.24,58,400/- was deposited in bank account. The Assessing Officer made the addition on the ground that nexus of such deposit was not established with any source of income. The assessee claimed that it was duly recorded in the books on account of cash sales

ACIT, CENTRAL CIRCLE, KOTA vs. BANAS MINERALS PRIVATE LIMITED, JHALAWAR

In the result the appeal of the revenue in ITA no

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

transfer of amount is found to be recorded by the AO in the assessment order. The addition is made because as per AO it appears that the actual value is recorded in the excel sheet. It is further stated that Shri Devendra Singh Shekhawat also averred that any transaction related to sale and purchase of land related to company

ASSISTANT COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE, KOTA vs. BANAS BUILDERS AND DEVELOPERS LLP, JHALAWAR

In the result the appeal of the revenue in ITA no

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

transfer of amount is found to be recorded by the AO in the assessment order. The addition is made because as per AO it appears that the actual value is recorded in the excel sheet. It is further stated that Shri Devendra Singh Shekhawat also averred that any transaction related to sale and purchase of land related to company

ASSTT. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, KOTA vs. BANAS MINERALS PRIVATE LIMITED, JHALAWAR

In the result the appeal of the revenue in ITA no

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

transfer of amount is found to be recorded by the AO in the assessment order. The addition is made because as per AO it appears that the actual value is recorded in the excel sheet. It is further stated that Shri Devendra Singh Shekhawat also averred that any transaction related to sale and purchase of land related to company

PINCITY JEWLHOUSE PVT. LTD.,JAIPUR vs. PCIT, CC, JAIPUR, JAIPUR

In the result, the appeal of the assessee is allowed

Bench: the date of hearing." 3. At the outset of hearing, the Bench observed that there is delay of 58 days in filing of the present appeal by the assessee for which the Id. AR of 3

239 28 Pinkcity Jewelhouse Pvt. Ltd. vs. PCIT 142(1) of the Act for the A.Y. 2013-2014 5. Copy of Reply to the notice dated 27.08.2018 and 19.08.2018 240 243 for the A.Y. 2013-2014 6. Copy of notice dated 28.08.2018 and 19.08.2018 issued u/s 244 247 142(1) of the Act for the A.Y. 2014-2015 7. Copy

PEEYUSH AGARWAL,JAIPUR, RAJASTHAN vs. ITO, WARD 1(5), JAIPUR, JAIPUR, RAJASTHAN

In the result Ground and 1 and 2 raised by the assessee are allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

section 68 of the 51 Peeyush Agarwal, Jaipur. Act that will amount to double taxation once as sales and again as unexplained cash credit which is against the principles of taxation. Assessee was having only one source of income from trading in beedi, tea power and pan masala and therefore provisions of section 115BBE of the Act will have

AHLUWALIA ERECTORS AND FEBRICATIONS PVT. LTD.,KOTA vs. ACIT CIR-1 KOTA , KOTA

In the result the appeal of the assessee is partly allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

price has been taken on estimate basis) So, depreciation claimed on vehicle amounting to total Rs. 3,65,771 is being disallowed considering the reason, as stated above. (Disallowance of depreciation and interest claimed on vehicles of Rs. 5,32,219/-)” On this aspect, the ld. CIT(A) at page 6 para 5.2 held as under: “5.2.1 Ground

CHAMBAL FERTILISERS AND CHEMICALS LIMITED,KOTA vs. ACIT, KOTA

In the result, appeal of the revenue is dismissed

239 ITR 775 wherein it was held as under: “9. In our opinion, the term owned as occurring in section 32(1) must be assigned a wider meaning. Any one in possession of property in his own title exercising such dominion over the property as would enable others being excluded therefrom and having right to use and occupy the property